(PRNewswire) — Trimble (NASDAQ: TRMB) today announced third quarter 2013 revenue of $556.5 million, up 10 percent as compared to the third quarter of 2012.

GAAP operating income for the third quarter of 2013 was $63.0 million, or 11.3 percent of revenue, as compared to 12.6 percent of revenue in the third quarter of 2012.

GAAP net income for the third quarter of 2013 was $54.5 million, up 2 percent as compared to the third quarter of 2012. Diluted GAAP earnings per share in the third quarter of 2013 were $0.21, flat with the third quarter of 2012. The tax rate for the third quarter of 2013 was 14 percent as compared to 19 percent in the third quarter of 2012.

Non-GAAP operating income for the third quarter of 2013 was $118.2 million, or 21.2 percent of revenue, compared to $105.3 million, or 20.9 percent of revenue, in the third quarter of 2012.

Non-GAAP net income of $101.9 million for the third quarter of 2013 was up 17 percent as compared to the third quarter of 2012. Diluted non-GAAP earnings per share were $0.39 in the third quarter of 2013, as compared to diluted non-GAAP earnings per share of $0.34 in the third quarter of 2012.

Third quarter 2013 non-GAAP results included the following adjustments as compared to the third quarter of 2012:

Restructuring expense of $39 thousand as compared to $361 thousand;

Amortization of intangibles of $41.6 million as compared to $31.4 million;

Stock-based compensation expense of $8.9 million as compared to $7.7 million;

Acquisition and divestiture costs of $2.9 million as compared to $1.5 million;

Litigation settlement of $1.3 million as compared to no cost in the third quarter of 2012.

"While below our projected long-term growth rate, our third quarter revenue was consistent with our guidance for the quarter. Although the worldwide economic environment is expected to remain challenging into 2014 and a constraint to robust growth, we did see encouraging signs in the quarter, particularly in survey instruments, building construction and agriculture," said Steven W. Berglund, Trimble's president and chief executive officer. "These indicators support our view that our organic growth will step up in 2014 from the levels we have seen in 2013."

Results by Segment

Segment operating income is revenue less cost of sales and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and acquisition costs. Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.

Engineering and Construction (E&C)

Third quarter 2013 E&C revenue was $310.6 million, up 8 percent as compared to the third quarter of 2012 due to organic sales growth in survey, heavy civil, buildings, and positioning services and from the effect of acquisitions.

Operating income in E&C for the third quarter of 2013 was $73.5 million, or 23.7 percent of revenue, as compared to 23.8 percent of revenue in the third quarter of 2012. Non-GAAP operating income was $76.4 million, or 24.6 percent of revenue, as compared to 24.8 percent of revenue in the third quarter of 2012.

Field Solutions

Third quarter 2013 Field Solutions revenue was $99.5 million, down 3 percent as compared to the third quarter of 2012, due to softer sales of Geographical Information System (GIS) solutions, partially offset by growth in agricultural solutions sales.

Third quarter 2013 Field Solutions operating income was $31.4 million, or 31.5 percent of revenue, as compared to $36.0 million, or 35.0 percent of revenue, in the third quarter of 2012. Non-GAAP operating income was $32.1 million, or 32.3 percent of revenue, as compared to $36.6 million, or 35.6 percent of revenue, in the third quarter of 2012. The decrease in non-GAAP operating margin was due primarily to lower revenue from government GIS sales. Non-GAAP operating margins in agriculture were consistent with the prior year.

Mobile Solutions

Third quarter 2013 Mobile Solutions revenue was $113.6 million, up 35 percent as compared to the third quarter of 2012 due primarily to higher revenue from transportation and logistics sales, both from the organic business and acquisitions.

Third quarter 2013 Mobile Solutions operating income was $15.3 million or 13.5 percent of revenue, as compared to $8.2 million, or 9.8 percent of revenue, in the third quarter of 2012. Third quarter 2013 non-GAAP operating income was $16.2 million, or 14.3 percent of revenue, as compared to $8.9 million, or 10.6 percent of revenue, in the third quarter of 2012. The increase in non-GAAP operating margins was primarily due to higher revenue from software, subscription and services.

Advanced Devices

Third quarter 2013 Advanced Devices revenue was $32.9 million, up 7 percent as compared to the third quarter of 2012, primarily due to stronger sales of RFID solutions.

Operating income in Advanced Devices for the third quarter of 2013 was $8.4 million, or 25.6 percent of revenue, as compared to $5.7 million, or 18.5 percent of revenue, in the third quarter of 2012. Non-GAAP operating income in Advanced Devices was $9.3 million, or 28.4 percent of revenue, as compared to $6.2 million, or 20.3 percent of revenue, in the third quarter of 2012. The improvement in non-GAAP operating margin was due to product mix.

Use of Non-GAAP Financial Information

To help our investors understand our past financial performance and our future results, as well as our performance relative to competitors, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. These non-GAAP measures can be used to evaluate our historical and prospective financial performance, as well as our performance relative to competitors. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Further, we believe some of our investors track our "core operating performance" as a means of evaluating our performance in the ordinary, ongoing, and customary course of our operations. Core operating performance excludes items that are non-cash, not expected to recur or not reflective of ongoing financial results. Management also believes that looking at our core operating performance provides a supplemental way to provide consistency in period to period comparisons.